FXStreet (Mumbai) – The EUR/USD pair poses a minor-recovery from a brief dip near 5-DMA at 1.0959 levels and reverts to familiar range seen during the Asian session.
EUR/USD recovers from 1.0955 region
Currently, the EUR/USD pair rises 0.10% to 1.0974, re-attempting a break beyond the stiff resistance located at 1.0978. The main currency pair quickly regained lost ground and swung back on the bids as the demand for the safe-haven (the EUR) remains underpinned amid wavering European equities.
The German benchmark, the DAX trades muted versus a 0.20% gain at open while the Euro Stoxx 50 drops -0.27% versus +0.12% previously.
Moreover, the greenback failed to sustain gains and fell back in the red zone against its major competitors, boosting the bids for EUR/USD. The US dollar index drops -0.08% to 97.94, notwithstanding 98 barrier.
Meanwhile, markets will continue to take cues from sentiment on the European and the US stocks amid low volumes and unusual volatility prevalent today.
EUR/USD Technical Levels
The pair attempts recovery and finds the immediate resistance is seen at 1.0980 region (daily high at 1.0978). A break beyond the last, doors will open for a test of 1.1000 (psychological levels). On the flip side, the immediate support at 1.0942 (daily low), below which 1.0914 (1h 200-SMA) could be tested.
(Market News Provided by FXstreet)